Impact of NH-24 on Property in Ghaziabad

Prime Minister Narendra Modi newly launched the Rs 7,566 crore projects for widening the Delhi-Meerut Expressway, commonly known as NH 24. The project delayed for over six years is now finally ready to take off in the next two months, with completion timelines set at 30 months. As smooth connectivity will make traffic jams a thing of the past and saves travel time to Delhi, BuyProperty.com tries to measure the mood and the impact the project will have on the realty markets - both developed and emerging.

Chairman of National Highway Authority of India Raghav Chandra told that land has already been acquired for the project except for a few patches -- such as built-up encroachments in Pandav Nagar area. Along Dasna to Meerut bypass, too, processes have been completed, and compensation amount for farmers has been deposited with the local authority. The project has been recommended in four segment - Nizamuddin Bridge to UP border; UP border to Dasna; Dasna to Meerut and Dasna to Hapur. Work has been awarded to two divisions already while two others are in the aqueduct. "We expect to award these in the next one month and hope that work on the project will begin by March," Chandra adds.

Real estate professionals say that development of infrastructure around this corridor is more of an essential than a choice and any further delay in widening will lead to piling up of unsold inventory around the area. One must remember that unlike other micro markets such as Gurgaon or even Noida Expressway, the Properties in Ghaziabad are primarily an end-users market and is widely dependent on the right price, completion status, location and the infrastructure available in and around the project.

"There will not be any impact price of Property in Ghaziabad in the next 12-18 months. Nobody seems to be excited about the NH 24 story yet because everybody is waiting for actual work to begin on the ground. There are no fireworks. Also, like any other infrastructure work, prices bump up when the project is announced. This one published almost six years ago. When work begins, there is chaos and confusion due to ongoing construction and prices dip. Prices recover only when the project nears completion. The immediate beneficiaries, once the project is completed, will be Indirapuram and Vaishali, which will eventually develop into premium markets in the area.

In Indirapuram, which is a central and developed market, new launches are likely to be few and far between. Also, a massive increase in prices, currently at Rs 5,500 per sq. ft. to Rs 7,500 per sq. ft. is also unlikely because of a huge amount of inventory in neighboring affordable areas such as Greater Noida Extension, Crossings Republik, Wave City, etc. Market forces will not allow prices in Indrapuram to increase, and will cap prices due to the huge amount of housing stock in the neighboring areas of Ghaziabad and Greater Noida.

"Price rise is not necessary here. But the question is the NH 24 connectivity will do increase the sales volumes. In any case '5,500 per sq. ft. not an easy price to absorb in this market, so developers will not play around with it. One will see a marked improvement in sales volumes as construction nears completion," says Samantak Das. Regions that will have an immediate impact include Greater Noida West, Siddhartha Vihar, Crossings Republik and Hi-Tech and integrated townships. As the widening in the second phase gets underway, one will see developments in Dasna, Pilkuah, and Hapur belt. Many areas such as Siddhartha Vihar (Dilshad Garden Metro) and Greater Noida West will benefit both from the Metro as well as the widening of NH 24.

The commercial property market in Sector 62, which has not taken off due to infrastructure problem, will also benefit from the widening of the highway. The office spaces in this region command rentals of Rs 35 to Rs 45 per square feet per month. These may go up by at least 15 to 20 percent once the widened stretch is ready.

Rahul Kumar writes on behalf of Buy Property Realty Pvt. Ltd., a Company which makes buying and selling easy for people. This article talks about the facilities that residential and commercial Property Buy enjoys after buying Property in Ghaziabad.

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